SINGAPORE - A new coronavirus that has killed 170 people in China and spread to over a dozen other countries has roiled global commodity markets, raising fears of weaker demand and disrupting raw material supply chains in the world’s most populous country.
The World Health Organisation will meet on Thursday to decide whether its rapid spread amounts to a global health emergency.Oil prices slumped to 3-month lows this week in response to the widening spread of the virus in China, the world’s top oil importer, prompting OPEC to look to extend current oil output cuts until at least June from March, as well as consider deeper cuts if oil demand is badly hit.
Jet fuel prices and production margins in Asia slumped in response, hurting refiners and fuel exporters.. Base metals have also taken a hit as manufacturing plants and factories take protracted Lunar New Year breaks while they assess the fallout from the virus. Toyota Motor Corp and other firms announced extended plant shutdowns.
Hope everything will be better soon sincerely.